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How We Are Invested
Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

Onex Capital
($ in millions)
As at

Dec. 31, 2013

Dec. 31, 2012

Private Equity
Onex Partners
Private Companies(1)

$    2,026 

$ 1,862
Public Companies(2)

627 

704
Unrealized Carried Interest on Onex Partners Investments(3)

202 

140
ONCAP(4)

337 

409
Direct Investments
Private Companies(5)

153 

148
Public Companies(2)

186

145

$    3,531

$ 3,408
Onex Real Estate Partners(6)

144 

192
Onex Credit Partners(7)

260

171

404

363 
Other Investments

103

97 
Cash and Near-Cash(8)

1,741

1,141
Onex Corporation Debt

Nil

Nil

$    5,779

$     5,009
Onex Capital per Share
(December 31, 2013 - C$54.16; December 31, 2012 - C$41.21)
(9)(10)

$    50.93

$     41.42

(1) Based on the US$ fair value of the investments in Onex Partners’ financial statements net of the estimated Management Investment Plan (“MIP”) liability on these investments of $64 million (2012 - $39 million). RSI, which was sold in February 2013, was included in private companies of Onex Partners at December 31, 2012.
(2) Based on the closing market values and net of the estimated MIP liability on these investments. TMS International, which was sold in October 2013, was included in public companies of Onex Partners at December 31, 2012.
(3) Represents Onex’ share of the unrealized carried interest on public and private companies in the Onex Partners Funds.
(4) Based on the C$ fair value of the investments in ONCAP’s financial statements net of management incentive programs on these investments of $17 million (2012 - $25 million) and a US$/C$ exchange rate of 1.0636 (2012 – 0.9949).  BSN SPORTS, which was sold in June 2013, and Caliber Collision, which was sold in November 2013, were included in ONCAP at December 31, 2012. 
(5) Based on the fair value.
(6) Based on the fair value of Onex Real Estate Partners’ investments.
(7) Based on the market values of investments in Onex Credit Partners’ Funds and Onex Credit Partners Collateralized Loan Obligations, including the warehouse facility for OCP CLO-5. Excludes $343 million (2012 - $328 million) invested in a segregated Onex Credit Partners unleveraged senior secured loan strategy fund, which is included with cash and near-cash items.
(8) Includes $343 million (2012 - $328 million) invested in a segregated Onex Credit Partners' unleveraged senior secured loan strategy fund.
(9)



(10)
Calculated on a fully diluted basis. Fully diluted shares were approximately 115.9 million at September 30, 2013 (2012 – 126.1 million). Fully diluted shares include (i) all outstanding Subordinate Voting Shares; and (ii) outstanding Stock Options that have met the minimum 25% prince appreciation threshold.
The change in the Onex Capital per Share in the year is driven primarily by fair value changes of Onex' investments. Share repurchases and options exercised during the year will have an impact on the calculation of Onex Capital per Share. The impact on Onex Capital per Share will be to the extent that the price for share repurchases and options exercised is above or below the Onex Captial per Share.

Onex Corporation has no debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.